The 529 Plan
The LSherie Alert, LLC is extremely excited to announce Money Mondays, a financial wellness conversation to help build your financial wealth with financial guru, Andrell D. Harris. Money Mondays was created to share financial wisdom, tips, and other suggestions for you to follow. Andrell is an accomplished businessman, investor, philanthropist and lover of Jackson State University. Why are we doing this? Why not? Millions of people including myself are looking for ways to increase our finances, learn the tricks of the trade, become active in stock and investments and so much more. The purpose of learning is sharing what’s been learned to help others.
THE 529 PLAN
– Andrell Harris
The cost of college has skyrocketed within the last five years. 529 plans provide a plan for conquering the costs of education. Parents in Arizona, Georgia, and Washington State have seen tuition and fees rise 77%, 75%, and 70% respectively within the last five years.
A 529 Plan is a tax-advantaged investment vehicle in the US designed to encourage saving for the future higher education expenses of a designated beneficiary. 529 plans are named after section 529 of the Internal Revenue Code 26 U.S.C. 529. The Virginia529 College Savings Plan is by far the largest of the 529 plans.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) made 529 plans prominent because of their tax advantages. Qualified distributions from 529 plans for qualified higher education expenses are exempt from federal income tax.
There are two types of 529 Plans, the Savings Plan and the Prepaid Plan. The Savings Plan will offer you several investment options that you can choose from. Your account will go up or down in value based on the performance of the particular option you select. With this plan your risks in the market goes down as the child gets older. The Prepaid Plan lets you pre-pay all or part of the costs of an in-state public college education. They may also be converted for use at private and out-of-state colleges. The Private College 529 Plan is a separate prepaid plan for private colleges.
I would suggest that everyone start to prepare for their child’s education. This sets them up for success and takes some of the stress away from college preparations. My freshman year my parents told me to attend college and they would help out with the rest. This helped me, instead of worrying about paying for college I was able to focus on being a college student.
If you are interested in starting a 529 plan for your child, contact a financial advisor in your area today.
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Money Mondays will be RIGHT HERE every Monday on www.TheLSherieAlert.com
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WORD ON THE STREET
Andrell D. Harris is a successful financial planner, living in the big city, but still mindful of his Jackson home. A JSU superstar, Andrell has started a Money Monday series. All are welcome. Click the graphic for details. Way to go Andrell. Unknown the Jackson State Tigers are proud. – Jeff Good
Follow Andrell D. Harris for financial tips that will get you where you need to be. Real world. Real talk. Don’t miss out. – Yolanda Owens
Jackson, come and Get your financial literacy game up with this young man that has been making waves with his investment strategies and philanthropy…. – CJ Lawrence, Esq.
In today’s economy, it’s important that we learn how to not only save money, but also how to invest and make money! I don’t trust too many people when it comes to the little money that I have for now, but there is one person I do and that’s my former classmate and college roommate Andrell Harris. Andrell has been a successful business owner since he was a teenager and has since become an even greater business man. Following him and getting sound advice in regards to things such as investing, saving, purchasing, etc would be a VERY wise move for you and your family! – Jay Jeraude
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